WASHINGTON – Silicon Valley is changing. A workforce of former college drop-outs and the highly-paid, head-hunted cream of the IT crop have swapped flashy cars and 100-dollar tips for unemployment and an uncertain future.
Once home to a young generation who thought nothing of working an 80-hour week, the centre of the U.S. New Economy is in the grip of a dramatic Net crash.At 29, Melissa Sheridan finds it hard to come to terms with what has happened: “I never used to know a single unemployed person. Now everyone I know is out of work,” she says.Until recently, 28-year-old Scott Heiferman was head of one of the many Internet start-ups which take a good idea and a substantial bank loan and try to make a lot of money, very quickly.Last year his dream was shattered. He fell into a rut and, desperate for something to do, he worked the hot plate at McDonald’s fast-food restaurant for a couple of weeks, he told the USA Today newspaper.In addition to the losses at numerous Internet firms, there were spectacular waves of redundancies at online operations affiliated to big companies such as Disney, AOL Time Warner and the New York Times newspaper.The Internet magazine Industry Standard set up an unemployed counter for the sector, which is constantly updated on its website. It recently touched the 73,000 mark.Robert Chope, a psychologist appearing on the NBC television network, pointed out that those hit hardest by the shrinking job market were young people who for a long time were spoiled by success.Once the heroes of the Internet generation, they had grown accustomed to an economy blessed with continual growth. A large number of them were now gripped by panic, he said.Those lucky enough to sell off their shares in time are enjoying the fruits of their once gruelling round-the-clock routines. “Losing my job was the best thing that could have happened to me,” beams 28- year-old Alli Ehrenberg.A former web designer, she now enjoys life to the full. She has taken up Yoga, and instead of worrying about her next meeting, she is preparing to get married.As the New York Times remarked, it is not always easy to feel sympathy for the affluent “golden boys and girls” of the Net, although not everyone received a golden handshake from the Nasdaq before they left.The Internet itself offers some help for those less fortunate victims of the crash. The jobs site Monster.com has faced a deluge of applications over the last few months.Many find a new position straight away, but that does not always mean job security. Thirty-two-year-old Stacy Drake was relieved to be snapped up by auction site Bidpath.com after losing her previous job at HomeGrocer.com. But just a couple of weeks later her new employer ran out of money and once again she was asked to clear her desk.That was a shock, says Drake. Her first instinct after losing her second job was to take up shopping instead. But she changed her mind and decided to save her money.Despite the double setback, at 32, Drake remains optimistic and is convinced she will find another job in the next three months.
